State-run Uco Bank on Saturday reported a net loss of Rs 1,497 crore for the quarter ended December 31 as against a net profit of Rs 303.59 crore for the same period a year ago as the lender’s operating profit plunged by close to 48% and provision surged by a whopping 160% year-on-year.
The Kolkata-based bank’s asset quality during the December quarter deteriorated significantly, with non-performing assets (NPAs) in absolute term rising by 56.67% y-o-y at Rs 1,4931.80 crore.
Operating profit fell to Rs 745.27 crore during the period under review from Rs 1,425.13 crore for the corresponding period last fiscal, the bank said in a BSE filing. Total income decreased by over 9% y-o-y to Rs 4,934.63 crore as against Rs 5,447.99 crore.
Net interest income (NII) of the bank saw 20.61% y-o-y fall at Rs 1,127.89 crore for the September-December period. Total provisions during the third quarter rose by 160% y-o-y at Rs 2,360.84 crore compared to Rs 907.54 crore for the year-ago period.
The lender’s NPA as a percentage of total loans increased sharply to 10.98% during the December quarter as against 6.50% in the corresponding period of FY15. Its net NPA ratio also rose to 6.51% from 4.25% for the year-ago period.
